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  • Artwork Insurance
  • Appraisal / Valuation Services
  • Artwork Insurance
  • Appraisal / Valuation Services

What You Need to Know

Artwork Insurance

Artwork Insurance

Insurance is a contract allowing individuals to transfer their risks to another party in exchange for the payment of a certain amount of premium, with the aim of protecting themselves against the economic consequences of events causing damage or loss of income encountered under specific circumstances. On the other hand, art insurance that emerged in the world as a result of the higher level of prosperity in the 1970s and that started to develop in Turkey in the 2000s, is designed in accordance with the artworks’ particular characteristics and necessities caused by the specific nature of the protection.

Insurance policies with varying contents, scopes and durations can be designed for:

  • Personal collections,
  • Singular artefacts, valuable objects and antiques of any kind,
  • Galleries,
  • Events involving a limited exhibition period,
  • Large-scale collections of corporations or foundations,
  • Museum collections,
  • Historical buildings and movable historical artefacts

International policies valid in the entire globe and including 7/24 emergency services are also available.

Insurance policies are primarily offered with the “All Risk” formula, meaning that they cover almost every event causing damage in the artwork, including events that can repeat themselves. Basically;

  • Typical force majeure events such as theft, fire, deluge, flood and earthquake,
  • Risk of terrorism,
  • Damages resulting from the artworks’ breaking, tearing or receiving surface trauma, exposure to water or other liquid substances, and damages associated with humidity,
  • Damages taking place at exhibitory events including exhibitions and art fairs,
  • Damages taking place during transport,
  • Potential domestic or international repair or restoration expenditures estimated once the damage has taken place,
  • The particular preservation and conservation conditions dictated by the artwork’s specific technical or material characteristics,
  • Specific conditions demanded by the collector or institution, are the main factors determining the scope of the insurance.

Considering these risks, transport, storage, conservation and maintenance are evaluated as additional items. A holistic approach to protection reducing the risks at every step of the way will decrease the overall cost of insurance.

Secondly, the artwork’s estimated commercial value shall be determined by a mutual agreement between the collector and the insurance company. During this process, the expertise of an art historian plays a key role in the determination of this amount. In this evaluation, following factors will come together to determine its insurance value.

  • The artwork’s type, size and material characteristics as direct criteria,
  • The artist’s career and the price range of his or her similar works in the art market as indirect criteria,
  • Official invoice and certificate of authenticity proving the artwork is not forgery or stolen,
  • The artwork’s condition report documenting the damages and necessary repairs,
  • The estimate of the artwork’s potential increase in value at regular periods in the future as an investment tool,

This procedure referred to as “Consensus Value” allows the collector to be fully insured in the face of any kind of damage, accelerating and facilitating the reimbursement procedures and paperwork for both parties.

In the event of damage, the insurance policy offers a reimbursement calculation formula also taking into account the costs associated with the “loss of value” resulting from the artwork’s overall destruction or restoration.

Within the scope of this program and besides an overall insurance cover determining and evaluating the risks, collectors can also demand special damage management or additional consulting services related to the artworks’ preservation and restoration.

Services aimed at minimizing risks and taking preemptive measures are other examples of specific items that insurance offers may include.

Appraisal / Valuation Services

Auction houses provide free consultancy services for you to get valuation of all kinds of old objects, antiques or artworks you have, ranging from everyday objects like cutlery sets to personal items like jewellery and books or furniture.

Auction houses not only provide consultancy on the value or authenticity of the items, but also serve as an intermediary to help your object or artwork in question reach its prospective buyers by providing the necessary guidance.

This service is conducted within a secure system open to the public and in a “transparent manner”, whose necessary legal procedures are guaranteed by contracts at all stages from the seller until it reaches the buyer.

Every auction house declares the themes and times of the auctions it will conduct and opens an "item admission" period for each of them. All the items that are catalogued and recorded before the auction, are presented to the potential buyers with the auction (bidding) method, and the participation as an observer is open to anyone.

You can obtain free consultancy services on your antique objects or artworks in the item admission periods by submitting all information and photographs on the piece via email, by bringing it to the auction house offices or on the spot. It will be evaluated by a team of experts trained in their fields and specialized in the market and valued (appraisal), who will get back to you in a short period of time. The auction house might also obtain opinion-appraisal from institutions and individuals like academics and museum experts, who are more difficult to access individually.

The material value of your artwork or antique object is determined by its artistic features depicting its period, its age, its rarity and its condition. An object bearing these features may be classified as a “collectible item”. Pricing is again determinded by the figure offered by the auction house within the scope of market data.

In the event that you accept the conditions, you will be asked to hand over the piece to the auction house for the catalogue work. You can submit your antique or artwork upon signing a contract indicating firstly your financial rights as well as the commission rates, organization and delivery conditions. As the piece is received under insurance, in case that the piece is damaged or stolen, the reimbursement of your losses is guaranteed.

If no buyer offers to pay the listed price in the auction, no fees or insurance cost are demanded from the owner of the piece and the piece is returned to you.

Large Auction Houses

Antik A.Ş.

Antik A.Ş. established in 1981, is significant as the institution that initiated auctioning at a professional standard. Antik A.Ş. standing out in the market for all kinds of antique objects, modern and contemporary artwork, works in an upper-value range extending from classical cars to valuable wines, from rare watches to jewellery and from Qurans to Ottoman pieces.


Beyaz Art

Beyaz Art, one of the important auction houses of recent years, has a more distinct line of work with its expert portfolio comprised exclusively of modern and contemporary artworks. It also organizes “private collection auctions” where they offer a complete collection consisting of mixed works for sale.


Portakal Art House

Portakal Art House, shaped by a tradition of four generations since 1914, has an expertise on a wide variety of areas ranging from classic and modern paintings to calligraphy, from antique furniture to porcelain objects, from İznik ceramic tiles to silverware, from tombacs to valuable metal sets, from Beykoz glassware to textiles like carpets and rugs.


Alif Art

The institution provides expertise in a wide variety of areas like classic and contemporary Turkish paintings, Orientalist paintings, Turkish calligraphic art, gravure prints, old manuscripts, miniatures, tombacs, glass art, Ottoman, European, Chinese and Far East porcelain, ceramic, metal, textiles, furniture, Ottoman tughra silverware, European and Russian silverware, İznik, Tophâne, Kütahya, Çanakkale, Edirnekâri, jewellery and bejewelled gold pieces.


Sancak Auction

The 25 year-old auction house is specialized in private collections as well as Ottoman, modern, contemporary and mixed artworks.

There are also auction houses serving at more accessible price points;

Nişantaşı Auction

Wide ranging objects like pieces from the Ottoman Period, Tophane and Beykoz glassware, Yıldız porcelain, tughra silverware, Quran manuscripts, European and Far Eastern porcelain, French and English furniture, bronze and marble sculpture can be found here.


Art Point

Art Point provides online services with a portfolio of modern and contemporary paintings, sculpture and ceramic works by Turkish and Foreign artists at more accessible prices. Offers are made online for the auctions until the final sales date.


Ares Auction

Contemporary and classic paintings, Ottoman and European silverware, all kinds of furniture belonging to the classic category, sculpture, objects and jewellery, calligraphic artworks, manuscripts, Qurans, carpets and textiles are within the specialized portfolio of the institution.

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